Bitcoin's unreal hype has obscured that it is mostly used to facilitate drug deals, ransomware, tax evasion, and even the occasional murder for hire. After the 60% price drop, demand for bitcoin mining gear has fallen so much TSMC has to lower sales estimates for 2018. (That's good news for telecom. Qualcomm and probably others are close to going into production on 5G chips at TSMC. But Apple has bought up so much of TSMC's 7 nm capacity that chip quantities could be severely limited until well into 2019 unless TSMC demand drops.)
Now, Austrian Ambassador in Tehran Stefan Scholz has suggested it could be a powerful boost to the European intent to bypass the U.S. economic blockade. That could provide demand for $billions of bitcoins.
Financial Express quotes Scholz, "One of the ways for safeguarding European interests in Iran is to tap the digital payment methods and cryptocurrency channels." He added, "unorthodox and innovative measures" were being considered to allow banking transactions to continue. We are all in this together, since the EU is facing a net loss of 10 billion euros ($11.7 billion) in lost trade with Iran next year."
Blockchain is potentially good stuff, routing around institutions in a sometimes useful way.Add a comment